The Securities and Exchange Commission said Thursday it reached a settlement with the founder of a digital-token trading platform for operating an unregistered exchange.

The regulator reached a settlement with EtherDelta founder Zachary Coburn, who in 2016 launched the EtherDelta website as a platform for trading blockchain-based tokens—known as ERC20 tokens—the SEC said. ERC20 is a standard coding protocol often used in initial coin offerings.